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Business Management (and the Action Man)Tip! Your management team must be held accountable from the top echelon to every single middle manager at every position, whether a factory or outlet. Business management must be tracked just like production, marketing, advertising or sales. In the stock market there is this saying: "paralysis by analysis" This is about taking risk. Everything in life is about taking risk and more it is in business. When designing your investment portfolio you will reach some point of taking a decision and most of all - to take some actions. The unpleasant issue about investing is that you can never be sure. You can pursue strategies - "do you solemnly declare to buy and to hold for ever" - but before this, you will need to analyze. Analysis is safe. When dealing with business issues, there are always more people who know what is wrong (including me) than there are people who will tell you what to do instead. In beginning of new business development, projects, changes, thinking is fine. Along the path, thinking is also fine, but it must be accompanied with a lot of action. In fact, the more balanced the better. You should be aware when dealing with business projects that you always think that you have enough time. Which you have not. Never.
So think and analyze. But know also that you can never develop the perfect solution. You will always have to take the risk. If you hear - and this is difficult to measure, but you might set a parameter in your balanced score card; we timebox all our plannings - that there is too much analysis, and that the paralysis will soon follow, do not forget this investment rule.
Unless you are representing an insurance company. Than it is different. There insurance is the main process. Investment is not. © 2005 Hans Bool Hans Bool is the founder of Astor White a traditional management consulting company that offers online management advice. Astor Online solves issues in hours what normally would take days.
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